What are dishonored payments?
Could you please explain what are dishonored payments in the context of finance and banking? I understand it has something to do with checks and other forms of payment, but I'm not entirely clear on the specifics. Are there any scenarios where a payment can be dishonored, and what are the consequences for the payee and the payer in such cases? Additionally, are there any steps that can be taken to prevent or minimize the risk of dishonored payments?